Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.034%

Price spread now: Kalshi against GMX+0.039%7-day average −0.037% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.122%−$12 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now +0.039%, 7d avg −0.037%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.076% dearer against GMX than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.037%): +$8 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 21 days. At the pace of the last 4 days (−0.122% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BTC/USD [WBTC.b-USDC]	86,221.2	L +0.0200% / S −0.0185%	pay 0.0025% / 1h	2m 30s	$13.3M	—	200x
Short	Kalshi KXBTCPERP	86,255	0.0188	get 0.0188% / 8h	3h 02m	$11.1M	$726.2M	6.4x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee KalshibpOrdersPrice spread, now +0.039%Rate

Funding earned: −$2.54
Price spread: +0.039% → −0.037%: $7.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$16.89
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Kalshi: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 2 min ago	0.41 bp	5.6 bp −$6	6.7 bp −$67	7.4 bp −$736	11.8 bp −$5,909

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.0205%	1h	86,224.6	+0.004%	$196K	$673K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,184	−0.043%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,210.2	−0.013%	$423.4M	$623.5M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,190.9	−0.035%	$360K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,248	+0.031%	$471K	$28.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,236.1	+0.017%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0033%	1h	86,197.2	−0.028%	$16.9M	$17.6M	50x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	86,190.7	−0.035%	$938.1M	$667.7M	125x	as long as short
Aster BTCUSDT	+0.0049%	8h	86,184	−0.043%	$504.4M	$973.3M	200x	as long as short
Bybit BTCUSDT	+0.0050%	8h	86,172	−0.057%	$5.12B	$9.05B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0058%	8h	86,157.3	−0.074%	—	$16.8M	—	as long as short
Phemex BTCUSDT	+0.0059%	8h	86,215.6	−0.007%	$168.0M	$498.8M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,228.6	+0.009%	$189.4M	$867.0M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,283	+0.072%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,197.4	−0.028%	$173.7M	$969.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,204.7	−0.019%	$23.3M	$137.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,186	−0.041%	$8.8M	$52.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,210.4	−0.013%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,164	−0.066%	$222K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,221.4	0.000%	$6.1M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,186.5	−0.040%	$22.0M	$210.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,222.9	+0.002%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,181.1	−0.047%	$9.47B	$23.05B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,177	−0.051%	$2.62B	$10.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,189	−0.037%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,223.4	+0.002%	$4.6M	$93.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.051%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,183.1	−0.044%	$5.47B	$10.32B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,181.5	−0.046%	$5.08B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,180.5	−0.047%	$2.99B	$4.54B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,188.2	−0.038%	$37.6M	$187.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,275.4	+0.063%	$158.2M	$510.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.053%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.026%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.058%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,255.9	+0.040%	$30.4M	$212.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,272.9	+0.060%	—	$10.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,194	−0.032%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,190.8	−0.035%	$207K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,182.2	−0.045%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,244.2	+0.027%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,214	−0.008%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,204.6	−0.019%	$2.28B	$909.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,163.6	−0.067%	$46.4M	$219.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,196	−0.029%	—	$93.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,252	+0.036%	$112.5M	$5.28B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0125%	1h	86,266.9	+0.053%	$834.1M	$1.61B	50x	as long as short
Hyperliquid BTC	+0.0138%	1h	86,269	+0.055%	$3.88B	$4.74B	40x	as long as short
Reya BTCRUSDPERP	+0.0153%	1h	86,203.4	−0.021%	$6.7M	$132.7M	40x	as long as short
Kalshi KXBTCPERPshort	+0.0188%	8h	86,255	+0.039%	$11.1M	$726.2M	6.4x
RISEx BTC/USDC	+0.0194%	1h	86,253.2	+0.037%	$9.0M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]long	L +0.0200% / S −0.0185%	1h	86,221.2	long leg	$13.3M	—	200x
Hibachi BTC/USDT-P	+0.0280%	1h	86,292.6	+0.083%	$684K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0403%	1h	86,242.2	+0.024%	$82K	$252K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,219.8	−0.002%	$495K	$16.5M	6.7x	as long as short